My husband and I both lost our jobs last month and we're looking very seriously into expediting but we're still confused on some issues. We've been doing research on this and other expediter's websites but we've read so much info, we're not sure what's what. My husband has been driving for 7 years delivering new vehicles cross country. He's had no set schedule, sometimes 2 hours notice to leave on a trip and some pretty strict deadlines to meet. We're used to the crazy life, so that's not a problem. My husband has talked to a rep at Jung Express who assures he can keep him just as busy as he wants to be in a cargo van. We are fully aware that there will be slow periods, like his other job, feast or famine. We don't know if we should become incorporated first or wait, and then what kind of incorporation do we do? What makes the most sense for this type of expediting? Also, do we need to apply for operating authority or will Jung have all the necessary permits? Are taxes filed quarterly? Is there an accounting software that works best for this? I know these questions have probably been answered here before and we've honestly tried looking in the archives but we've beenat the computer for three days now, checking out finanacing, researching trucks, etc. etc. and our kids are starting to feel neglected!!! lol!!! Thanks for any help!!!
Trying to get started but confused
- Thread starter Mrand Mrs
- Start date
Tennesseahawk
Veteran Expediter
I don't know Jung Express, though I have looked at their site. Nothing on it says anything about o/os having to get their own authority. My guess is, like most expediting companies, you use their authority; but you would be better off asking their recruiter.
As far as being incorporated, doing it now rather than later is the best thing. A federal tax ID number only takes an hour or so to fill out, and you can get your number back the same day. The type of corporation you need depends on what you want. Only one of you runs the business? Make it a sole propriatorship. That is the simplest. The link below will answer some questions about Tax IDs, and will give you links to sites such as the IRS (without having to search for the right section), and where you would get state and local IDs.
As far as quarterly taxes, definitely yes! You do not want to be paying penalties for not giving the government their extortion every 13 weeks. Get with an accountant and have him estimate what you'll owe.
Hope that helps
www.entrepreneur.comarticle0,4621,301790,00.html
As far as being incorporated, doing it now rather than later is the best thing. A federal tax ID number only takes an hour or so to fill out, and you can get your number back the same day. The type of corporation you need depends on what you want. Only one of you runs the business? Make it a sole propriatorship. That is the simplest. The link below will answer some questions about Tax IDs, and will give you links to sites such as the IRS (without having to search for the right section), and where you would get state and local IDs.
As far as quarterly taxes, definitely yes! You do not want to be paying penalties for not giving the government their extortion every 13 weeks. Get with an accountant and have him estimate what you'll owe.
Hope that helps
www.entrepreneur.comarticle0,4621,301790,00.html
I would not incorporate unless you are planning on having multiple trucks. I would file as a sole proprietor. You still have to do quaterly taxes. If you incorporate be prepared for additional taxes and more of an open target for an audit. Also, don't be misled into thinking you would be sheltered from any issues of liability. If you own the corporation, you would still be the target of any legal issues that may arrive. I would seek the guidance of a tax individual to guide you through this process thus eliminating any confusion you may or may not have.
Davekc
Davekc